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Will the Chief Regulator of South Korea get fired?

Will the Chief Regulator of South Korea get fired?

Many South Koreans are filing an online petition seeking to remove a chief regulator after making harsh Crypto comments. The South Korean Government kept strengthening the harsh rhetoric against cryptocurrencies.

Therefore, all citizens are becoming increasingly angry due to the recent words from one of the regulatory authorities. Many petitions started appearing online seeking the removal of the head of the country’s Financial Services Commission (FSC) over the weekend.

The petition collected over 141,000 signatures.

Thousands of furious people are filling the presidential website with petitions. They are seeking that Eun Sun-soo, the FSC’s Chief, has to resign. The statements given by the Chief worked like a drop that broke the glass. Since he stated that Crypto has no intrinsic value whatsoever, people became furious.

However, it is not new to South Korean government bodies or banking institutions.Moreover, the same rhetoric replicated by the South Korean government and bank regarding Cryptos. However, the officer has been quite active in his warnings regarding the new regulations that came into force.

He warned that all the Crypto exchanges that did not comply with the new set of rules enacted by the authorities should close. Additionally, he stated that most of the businesses are at risk of facing such closures. One of the most popular petitions filed on the website could gather 141,659 signatures asking for the FSC’s head removal. Moreover, there is another petition which could gather 8,567 signatures.

South Korean political sphere

There is a particular petition asking the government to recognize the Crypto industry as legitimate. However, the government has intentions to tax cryptocurrencies starting from 2022. In the middle of flooding petitions, a democratic party member said they are looking into the issue and assessing it. It is correct to leave the cryptocurrency issue to the market.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.